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Multifamily sale sets benchmark for Union County

A rendering of The Hamlet at Cranford, a 10-unit complex that sold for $3.38 million.

Union County’s apartment submarket has established a new price-per-unit benchmark of $337,500, according to Gebroe-Hammer Associates.

Gebroe-Hammer helped raise this figure by representing the seller and obtaining the buyer of 10 townhome-style units in Cranford.

Adam Zweibel and Gehane Triarsi, vice presidents, arranged the $3.38 million sale of The Hamlet at Cranford, a two-building complex located off Commerce Drive in the Winfield neighborhood.

“This newly-constructed complex, which features a wide range of high-end finishes and amenities, is exactly the type of premier asset that any and all investors clamor for within this high-barrier-to-entry Union County luxury submarket,” Zweibel said. “The property’s modern construction and architectural elements reflect the requirements of this neighborhood’s urban-sophisticate, educated-executive tenant base.”

Located at 2-20 McKinley St., the complex has 10 two-bedroom, two-and-a-half-bath units occupying two three-story buildings. The property is within close proximity to a New Jersey Transit bus station.

“This neighborhood is extremely hot,” Zweibel said. “The property is literally 15 paces to Cranford Business Park, a regional home base for corporations and entrepreneurial businesses, and within less than a one-mile radius of nine restaurants/cafés/coffee houses, five banks and five places of worship. This is truly a commuter’s and walker’s paradise.”